European markets expected to decline ahead of the results of the ECB's strategic assessment. The Eurostoxx 50 opened at 4,078.53 points (+0.64%), the CAC 40 at 6,527.72 points (+0.31%), the DAX 30 at 15,692.71 points (+1.17%), the FTSE 100 at 7,151.02 points (+0.71%), the SMI at 12,085.51 points (+1.01%), the AEX at 737.64 points (+0.84%), the BEL 20 at 4,177.42 points (+0.44%), the IBEX 35 at 8,854.50 points (-0.07%), the DJIA at 34,681.79 points (+0.30%), the Nasdaq at 14,665.06 points (+0.01%), the S&P 500            at 4,358.13 points (+0.34%) and the Nikkei 225 at 28,181.77 points (-0.65%).

As regarding the exchange rate, the change from the close in New York indicates that EUR/USD opens at 1.1793   (+0.01%), EUR/JPY at 130.35 (-0.06%) and USD/JPY at 110.54 (-0.07%).

In France, Vivendi indicated that several judgments rendered by the Paris Commercial Court had confirmed the accuracy of the company's financial communication in the early 2000s. The Paris Commercial Court "dismissed several institutional investors excluded from an American 'class action' of all their claims for financial compensation under the allegedly inaccurate financial communication of the former management of Vivendi between 2000 and 2002", the group said. Vivendi's Canal+ subsidiary has also acquired the broadcasting rights to the Premier League, the English football championship, for three additional seasons from the 2022-2023 edition. No amount for this transaction was disclosed.

European equity markets are expected to start the session lower on Thursday, as investors continue to analyze the minutes of the Federal Reserve's (Fed) latest monetary policy meeting and await the European Central Bank's (Fed) press conference. (ECB) on the conclusions of its strategic assessment. The spread of the Delta variant of the coronavirus, which is quickly becoming the majority strain and causing a fourth epidemic wave in many countries, is also of concern to investors. At 7:40 a.m., the CAC 40 futures contract lost 11 points, or 0.2%, according to data from broker IG Markets. The DAX 30 contract was down 22 points, or 0.1%, and the FTSE 100 contract was down 30 points, or 0.4%. The ECB should also change its inflation target to 2% and abandon the "below but close to 2%" target currently in force, he said. The framework should also highlight guidelines to support employment and climate initiatives.

The ECB has scheduled a press conference on this strategic review, launched in early 2020 and extended due to the health crisis, at 14:30. On Wednesday evening, the minutes of the June 15-16 meeting of the Fed's monetary policy committee revealed that U.S. central bankers, facing a much larger-than-expected rebound in the economy at the beginning of the year, had discussed when and how to reduce their bond purchases. The report also shows the extent of the revision of the Fed members' forecasts after the progress of the Covid-19 vaccination campaign and the massive stimulus packages released in the United States. At the meeting scheduled for the end of July, the monetary policy committee will again consider the timetable for withdrawing bond purchases, currently $120 billion per month. Wall Street closed slightly higher, allowing the Nasdaq and S&P 500 to set new records. The Dow Jones Index (DJIA) and the broader S&P 500 Index gained 0.3% to 34,681.79 and 4,358.13 points, respectively. The Nasdaq Composite Index gained 0.01% to 14,665.06 points. In Asia, major stock indexes fell on Thursday. At the end of the session, the Nikkei index fell 0.7% in Tokyo, while the Japanese government intends to proclaim once again the state of health emergency. The Hang Seng lost 2.3% in Hong Kong, penalized by the decline of major Chinese technology stocks after the latest crackdown by Beijing. The Shanghai Composite Index was down 0.7%.

 U.S. Treasury yields hit their lowest levels in several months on Wednesday, reflecting investor concern about the economic outlook and the Delta variant. After a third consecutive session of decline, the yield on the benchmark ten-year Treasury bill ended at 1.321%, its lowest closing level since February 18, against 1.369% on Tuesday. Yields rose sharply in the first quarter, before going down again thereafter. Investors have reassessed their economic forecasts, which were very optimistic at the beginning of the year, in the face of signs that Congress and the Fed could provide more limited fiscal and monetary support than initially expected.

The euro is trading slightly higher on Thursday morning against the dollar. But Karl Schamotta of Cambridge Global Payments points out that investors' reaction to the Fed's minutes is limited.

Oil prices move little Thursday morning. Uncertainty about the intentions of the Organization of the Petroleum Exporting Countries (OPEC) and its Russian-led allies regarding the supply of black gold from August continues to weigh on energy markets, indicates the CBA bank. In the end, OPEC+ will probably increase its supply this year, but this increase could come from September rather than August if the date of the next meeting of the group is not soon fixed, says the bank. Investors are also watching the level of oil production in the United States, which remains below its pre-pandemic highs, CBA adds. At 7:30 a.m., the September contract for North Sea Brent gained 2 cents to $73.45 a barrel and the August contract for Nymex-listed light sweet crude (WTI) was down 9 cents to $72.11 a barrel.